This
article discusses the campaign finance disclosure regime upheld in
Citizens United and gives a brief overview of how lower courts have
recently expanded the Supreme Court’s reasoning, applying blanket
approval to any "disclosure" regime. It then analyzes the ruling in
Bailey v. Maine Commission on Governmental Ethics, and shows that it may
go to such lengths as to impose campaign finance disclosure upon any
political speech. Finally, this article offers a way back, with a call
to restore the exacting scrutiny standard, limit the government’s
“informational interest” and, at the very least, raise the financial
thresholds for campaign finance law. Ultimately, any efforts at
protecting political speech must begin with understanding that despite
the weight of Citizens United, there are still myriad problems with
federal and state campaign finance regimes.